Isla, who has been credited with leading Inditex’s global expansion into Spain’s largest company with a €88bn (£75bn) market value and almost 7,000 stores, said now was the right time to make the change as the company’s sales recovered to pre-pandemic levels. Ortega, who has most recently been in charge of Zara’s brand image and campaigns including Charlotte Gainsbourg by Zara, will replace Pablo Isla who was appointed chair in 2011 replacing Amancio Ortega himself. Shares in the company dropped 6% on the news. The surprise stock exchange announcement was intended to clear up uncertainty surrounding the company’s succession plan, but some analysts said her elevation was premature. “I have lived and breathed this company since my childhood, and I have learned from all the great professionals I have worked with over the last 15 years,” she said. “I have always said that I would dedicate my life to building upon my parents' legacy, looking to the future but learning from the past.Ortega, who has worked at the company for 15 years starting out as a shop assistant at a Bershka shop on London’s Kings Road, said: “I have always said I would dedicate my life to building upon my parents’ legacy, looking to the future but learning from the past and serving the company, our shareholders and our customers. Ms Ortega added: “I have lived and breathed this company since my childhood, and I have learned from all the great professionals I have worked with over the last 15 years. He said on Tuesday that “the time has come to turn a new page” with Ms Ortega at the helm. But at the same time, of course, she has strong opinions about many different things.” In August, Mr Isla said in an interview: “ very humble. Ms Ortega has not held a senior role at Inditex until now but has been responsible for launching several campaigns, including Zara's premium collections which includes a collaboration with the French actress and singer Charlotte Gainsbourg. Growing up, she was an equestrian competing at the Grand Prix show-jumping level. She counts Athina Onassis, the only surviving descendant of Greek shipping tycoon Aristotle Onassis who was married to Jackie Kennedy Onassis, among her friends. Ms Ortega was educated at a Swiss boarding school before studying business management in London and while working as an assistant in a Bershka shop on the King’s Road in west London. Inditex, which also owns Pull&Bear and Stradivarius, has grown to dominate high streets with 6,600 shops around the world. He owns a 59pc stake in Inditex and is one of the world’s richest men, with a net worth of $71bn (£53bn), according to the Bloomberg Billionaires Index. Ms Ortega’s reclusive father Amancio founded Inditex in 1975 when he opened its first shop with his ex-wife, Rosalia. Inditex said that the appointments completed a “generational handover process” that began in 2011 when its founder Amancio Ortega stepped down as chairman. as we believe that both Marta Ortega and the CEO Oscar Maceiras have a lot to prove when it comes to their ability to run this big monster in the middle of the Covid crisis.”Ĭedric Rossi, an analyst at Bryan Garnier, added: “Although this transition phase seemed to have been prepared internally, the departure of Pablo Isla may leave a great void in the near-term.” Investors and analysts raised concerns that Inditex’s new leadership lacked the experience and track record of their predecessors.Īnalysts at Kepler said: "We believe that the timing is not the best.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |